2025 Pre-Roll Consultation Period is underway

The City of Calgary invites commercial property owners to participate in the Pre-Roll Consultation Period to review their preliminary 2025 assessment values. Running from October 1 to November 15, this period is an opportunity for non-residential and multi-residential property owners to preview and provide input into their upcoming property assessment.  By exchanging information, ideas, and perspectives, the quality and certainty of assessments can be improved before mailing in January. 

Eddie Lee, City Assessor and Director of Assessment & Tax, emphasized the importance of this process saying, "Pre-Roll is essential to our ongoing commitment to customer service and transparency in the Assessment & Tax process."

Throughout this period, commercial property owners can access market data and trend information to understand how their preliminary property values were determined. This information is available through one-on-one meetings, the Pre-Roll Symposium on October 3, and our dedicated Pre-Roll webpage at calgary.ca/assessment.

Preliminary analysis of Calgary’s real estate market as of July 1, 2024, show non-residential properties values retaining their vigor, bolstered by Calgary's resilient and robust economy. 

· Retail property values remain stable, demonstrating vitality and strength year-over-year. Continued investments and sales over the past year have attracted new businesses. Vacant spaces are filling quickly despite the departure of some major retailers from the Canadian marketplace. 

· Office market values in Calgary’s downtown are rising, showing resilience after years of declining assessments. There is notable demand for higher-quality spaces, driving down vacancy rates and increasing rental rates. Vacancy rates are decreasing due to ongoing office space conversions. The Downtown Development Incentive Program has stimulated sales activity and conversion projects, helping to address the office space oversupply and diversify property use.   

· The industrial market continues to be strong, driven by sustained demand for large-format distribution warehouses, resulting in higher market value assessments. Availability remains tight, especially for large-format industrial spaces, which keeps the marketplace competitive. Medium to small warehouses and industrial condominiums are experiencing moderate gains, with sales activity expected to remain robust. 

For residential properties, we are noting that: 

· Single residential property values continue to rise due to population growth driving demand for homes. The relative affordability of housing in Calgary, compared to larger markets such as Vancouver or Toronto is a key factor attracting interprovincial migrants. 

· Residential condominiums are continuing to perform well, with buyers favouring them over higher-priced single detached and semi-detached homes. The demand for more affordable options is pushing up prices in the condominium market.

· Multi-residential rental property values continue to rise, with demand driven by higher net migration. The overall population increase in Calgary has led to rising rents and low vacancy rates. This has heightened the desirability of this property type within Calgary’s marketplace.

Although these trends have been noted, assessment values may change as property owners and agents share specific real estate market findings. The City will work closely with property owners and agents to validate the data before mailing the 2025 assessment notices in January.

It is important to note that changes in property assessments do not automatically lead to equivalent changes in The City’s overall tax revenues. The reassessment process is revenue-neutral, meaning tax rates will be adjusted to collect the same amount of revenue needed to maintain services. Deliberations on tax revenues and investments will take place in November.

As part of the Pre-Roll process, commercial property owners can estimate their tax responsibility using the Preliminary Tax Calculator, available on Assessment Search and at calgary.ca/assessment. This tool helps property owners better understand their tax obligations earlier in the process. Pre-Roll also provides City Council with essential tax planning information before the budget process begins.

The next opportunity for Calgary property owners to review their final home and commercial property values will start on January 2, 2025, when The City delivers the 2025 property assessment notices, and the 2025 Customer Review Period begins.

To learn more about The City’s property assessment processes, visit calgary.ca/assessment.

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